FSA's Bailey tells MPs of 'culture of gaming' at Barclays

Senior FSA executive Andrew Bailey has accused Barclays of operating with a "culture of gaming" which came from top of the bank.

Giving evidence to the Treasury Select Committee on the LIBOR fixing scandal, the head of the FSA’s bank supervision arm (pictured) said the watchdog had had serious concerns about Barclays’ investment banking operations. "There was a culture of gaming, and gaming us. It had to change. We drew the conclusion that there was a problem with this institution. "You could not escape the conclusion that the culture of this institution was coming from the top." Asked by MPs if this referred to Bob Diamond, Bailey replied: “Yes.” He also said former Barclays CEO Bob Diamond had given “highl...